Tuesday, August 05, 2014

Playing Catch Up

We continued to see positive results in July, though we are still behind 2013 figures. Wilton, which in June had seen the largest increases, saw more modest improvement in July, with 37 properties that went to escrow versus 35 the previous July. Wilton's median price in 2014 now stands at $790,000 which represents a .6% decrease compared to 2014. For the year, Wilton has seen 162 properties go to contract compared to 172 through July in 2014, or a 5.8% decrease. There have been 295 homes that have come to the market vs. 306 through July 2013. In terms of closed sales, Wilton is down 18% compared to the first 7 months of 2013, with 136 closed sales vs. 166 sales through July 2013. Wilton's close neighbor, Weston, saw a big jump in July, with 32 properties going to contract compared to only 14 in July of 2013. This 128% increase was the largest in the area, and brought year to date escrow numbers to 112 compared to 119 properties through July 2013. Closed sales have followed a similar pattern with 94 vs. 102 through July 2013, a decrease of only 7.8%. Weston's median price has also seen gains of 6.8% to $825,000. Westport has also seen it's median price increase to $1,323,204, and also saw a marked spike in escrow activity in July. 54 single family homes went to contract in July compared to 38 in July 2013 (a 42% increase), though the yearly figures are still down 13.4%. Yearly closed sales are down 16.3%, but should see a slight improvement based on recent escrow activity. The largest town in the area, Fairfield, had a solid month of July, with 110 properties going to escrow, a 22% increase. Closed sales are lagging the 2013 numbers by 6.2%. The median price has increased 3.2% to $575,000.

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